FOR IMMEDIATE RELEASE CONTACT:
August 25, 2000 DOUGLAS I. PAYNE
Sr. V.P. - Finance and Administration
(540) 627-2157
e-mail:[email protected]
ANITA WIMMER
Treasurer
(540) 627-2446
e-mail:[email protected]
STANLEY FURNITURE AUTHORIZES AN ADDITIONAL $10 MILLION TO REPURCHASE ITS
COMMON STOCK
STANLEYTOWN, VA, August 25, 2000/PRNewswire/ -- Stanley Furniture Company, Inc.
(Nasdaq-NNM:STLY) announced today that its Board of Directors has authorized the
use of an additional $10 million to repurchase the Company's common stock. The
total amount now authorized to repurchase the Company's common stock is $11.4
million. Since October 1998, the Company has utilized $18.6 million to purchase
913,750 shares of its common stock at an average price of $20.39 per share.
These repurchases may be made from time to time in the open market, in privately
negotiated transactions or otherwise, at prices that the Company deems
appropriate.
Albert L. Prillaman, president and chief executive officer of Stanley Furniture
Company, commented "We are pleased with the Board's decision to continue our
financial strategy of using a portion of the Company's capital to repurchase our
shares. We believe that investing in Stanley's shares given current market
conditions represents an attractive investment. Stanley's strong financial
condition and cash flow will allow us to simultaneously take advantage of
opportunities to purchase our stock at attractive prices and continue our
investment in the Company's future growth."
Established in 1924, Stanley Furniture Company, Inc. is a leading manufacturer
of wood furniture targeted at the upper-medium price range of the residential
market. Manufacturing facilities are located in Stanleytown and Martinsville,
VA, and Robbinsville, Lexington, and West End, NC. Its common stock is traded on
the Nasdaq stock market under the symbol STLY.
Visit Stanley Furniture on the World Wide Web at www.stanleyfurniture.com.
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Certain statements made in this release are not based on historical facts, but
are forward-looking statements. These statements can be identified by the use of
forward-looking terminology such as "believes," "expects," "may," "will,"
"should," or "anticipates" or the negative thereof or other variations thereon
or comparable terminology. These statements reflect the Company's reasonable
judgment with respect to future events and are subject to risks and
uncertainties that could cause actual results to differ materially from those in
the forward-looking statements. Such risks and uncertainties include the
cyclical nature of the furniture industry, fluctuations in the price of lumber
which is the most significant raw material used by the Company, competition in
the furniture industry, capital costs and general economic conditions.
